Aged Care Planning

Keep in mind the following information is General Advice and is obviously not personalised for your unique needs, objectives or financial situation. Please get in touch with your advisor before taking any action on the below points so they can advise on the appropriateness of this for you.

The journey into aged care is often a challenging and emotional time, not only for the person who is moving into care but also for their family members. By planning for aged care it can help make the process an easier and more positive experience for all involved.

The aged care system underwent a number of reforms on the 1st July 2014. Not only has the reformed system placed a greater emphasis on residents funding their own care, it has also aimed to provide a greater level of transparency. In summary, the changes have provided:

• Greater transparency regarding the cost of accommodation, as aged care facilities must publish accommodation costs.
• Greater flexibility in payment options for accommodation costs – allowing those who move into care the choice to pay for their room either by way of lump-sum payment, ongoing daily payments or a combination of both.
• Changes to the way a resident’s income and assets are assessed for the purposes of assessing their ongoing fees.

The complexities associated with navigating this system means that access to professional advice is increasingly important. The area of aged care advice is specialised and requires not only a solid understanding of the aged care system and the fees associated with it, but also the interaction with payments from Centrelink and the Department of Veteran Affairs.

Tailored aged care advice provides you and your family with a review and understanding surrounding:

• The chance to live in your own home with assistance.
• Identifying options for funding aged care entry costs.
• Exploring the potential to reduce ongoing fees.
• Gaining an understanding of the impact of decisions on Centrelink/DVA pension entitlements.

Morrows has a number of Advisors who are specialised in the area of aged care advice and we welcome the opportunity to discuss planning for aged care with you.